BEXX AIR: Demands Government Compensation for Office Closure------------------------------------------------------------Low fare air charter Bexx Air is planning to sue the governmentfor the closure of its headquarters that allegedly cost it morethan EUR5.2 million, Novinite.com reports.

Authorities shut down Bexx Air's office in Sofia last week,claiming it had no license to operate. Rumyana Yakimova, aspokesperson for the Transport Ministry, told Novinite.com BexxAir lacked any of the four possible types of license required tooperate a legitimate tourism business. The carrier admits itdoes not have a license, but reasoned its operations require nopermission under any of the Bulgarian laws. The company, whichopened for business in March, is only selling tickets forcharter flights performed by private air carrier Hemus Air.

"As there is no word about charter flights in the Bulgarian law,a court would have to decide on the license required," astatement posted on the company Web site reads.

At a news conference last week, CEO Dirk Wiesemann saidauthorities had approached the company several times about thematter, but could not point out what kind of license it shouldget. Ms. Yakimova said Bexx Air only applied for a licenseafter the scandal broke out.

Bexx Air said it is now operating from an Internet cafe. Itplans to resume flights on November 8. It promised tocompensate 900 ticket-holders who were stranded following theclosure.

The company is said to have urged the government to take care ofthe passenger, leaving questions why it did not takeresponsibility itself. Bexx Air has accused the government ofcorruption and of protecting national flag carrier Bulgaria Air,which is slated for privatization.

The country has remained unaffected by the low fare craze inWestern Europe. The shutdown of its first and only low fare aircharter is considered bad publicity for a nation planning toopen its airspace for European carriers.

TEREM: Government Moves to Cut Losses; Speeds up Privatization--------------------------------------------------------------The government has ordered Bulgaria's Privatization Agency tosell 75% of the assets of TEREM military repair plants withintwo months, Sofia Echo reports.

Defense Minister Nikolai Svinarov said: "I hope that we will beable to congratulate ourselves with a successful deal for atleast half of the holding's units by the end of this year."

He did not specify how many people will be made redundantfollowing the transaction, saying the matter is up for the newowners to decide. He said he will require potential buyers topromise to preserve the core activity of the operating plants.

The sale has the blessings of the Confederation of IndependentTrade Unions in Bulgaria (CITUB). "It would be better that wehave privatization than liquidation," CITUB leader ZheliazkoHristov said.

Podkrepa Labour Confederation proposed the expedited sale of theeight units of TEREM to stop "the chronic agony" of the company.Podkrepa representative Todor Videnov says the privatizationplan just needs the approval of the defense ministry. The unitshave already been transformed into single-owned limitedliability companies.

TEREM owes employees BGL5.6 million in unpaid salaries andsocial security contributions. The company has pledged to usethe money derived from the sale of assets to settle the amount.Buyers linked to the process are Swiss-Norwegian consortiumDefence Strategy Group and some Russian and Ukrainianbusinesses. The consortium has presented an investment planworth EUR500 million.

===========F R A N C E===========

ALSTOM SA: Vossloh to Acquire Spanish Locomotive Plant------------------------------------------------------Vossloh AG is currently negotiating with the Alstom Group thepurchase of the diesel locomotive plant in Valencia, Spain. Thesale and purchase agreement may be finalized in the comingweeks, contingent upon the satisfactory result of the ongoingdue diligence and the approval of the relevant boards. Theconsummation of the transaction would be subject to furtherpreconditions, including the consent of the relevant antitrustauthorities.

Vossloh develops and produces through its subsidiary VosslohLocomotives GmbH in Kiel low- and medium-power two- andfour-axles diesel hydraulic locomotives. Over the last years,Vossloh has established itself as one of the most prominentsupplier in this segment. Sales in the fiscal year 2003 wereapproximately EUR235 million.

Alstom Valencia develops and produces diesel electriclocomotives for passenger and freight transport as well asshunting. Key products include high power six axle dieselelectric locomotives for passenger and freight applications.Furthermore, Alstom Valencia produces bogies for a variety ofrail vehicles and produces vehicles for light rail and metroprojects in the region of Valencia. Sales in the fiscal yearended March 31, 2004 amounted to approximately EUR90 million.

EURO DISNEY: Only One Creditor Remains a Holdout------------------------------------------------ Majority of Euro Disney creditors reportedly support thecompany's debt-restructuring plan. All but one creditorapproved the plan, Agence-France Presse said citing La Tribunenewspaper.

The business plan failed to win approval in July, prompting thetheme park operator to push back its restructuring plan toSeptember 30. Euro Disney said it still aims to sign anagreement before the end of the month, the report says.

Euro Disney, which is 39.1%-owned by Walt Disney Co., has missedseveral deadlines to reach a deal with creditors. The companymoved to restructure its debts after warning in August last yearthat it would likely miss payments on loan obligations due 2003and 2004.

At the same time, Standard & Poor's assigned a 'B-' seniorsubordinated debt rating to the proposed EUR150 million bond tobe issued by financial vehicle A.T.U. Investment GmbH & Co. KG,guaranteed by A.T.U., reflecting its contractual and structuralsubordination to higher priority debt.

"The rating on A.T.U. reflects its very aggressive financialrisk profile, owing to its high leverage following the secondleveraged buyout of the company by U.S. investor Kohlberg KravisRoberts & Co. in June 2004," said Standard & Poor's creditanalyst Olaf Toelke. Furthermore, the company operates inGermany's highly competitive and low-growth automotiveaftermarkets. It also lacks geographical diversification, asnearly 100% of revenues are generated in Germany.

These negative factors are mitigated by A.T.U.'s fair businessprofile, due mainly to the company's discount business model,its offer of branded products, and high service content. Thisconcept has resulted in strong growth, industry-leading margins,and strong underlying cash flow generation. The ratings arealso supported by the recent relaxation of the formerly tightE.U. regulations in the auto sector. At June 30, 2004, thegroup had total pro forma financial debt outstanding of EUR950million (US$1.1 billion).

"The negative outlook reflects the risks associated withA.T.U.'s very high leverage, which is demonstrated by the ratioof net lease-adjusted debt to earnings before interest, taxes,depreciation, amortization, and rents of more than 6x in 2004,"said Mr. Toelke. "Furthermore, we believe that the group'sunderlying strong free cash flow generation could besignificantly constrained by possible drawings under A.T.U.'scapital expenditure facility for the next three years."

Ratings information is available to subscribers ofRatingsDirect, Standard & Poor's Web-based credit analysissystem, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk(44) 20-7176-7400; London Press Office Hotline (44)20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49)69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7)095-783-4017. Members of the media may also contact theEuropean Press Office via e-mail:media_europe@standardandpoors.com.

BOLD-FERTIGBAU GMBH: Court Appoints Insolvency Manager------------------------------------------------------ The district court of Baden-Baden opened bankruptcy proceedingsagainst Bold-Fertigbau GmbH & Co KG on September 1.Consequently, all pending proceedings against the company havebeen automatically stayed. Creditors have until October 11,2004 to register their claims with court-appointed provisionaladministrator Tobias Hoefer.

Creditors and other interested parties are encouraged to attendthe meeting on November 15, 2004, 10:15 a.m. at the districtcourt of Baden-Baden at which time the administrator willpresent his first report of the insolvency proceedings. Thecourt will also verify the claims set out in the administrator'sreport during this meeting, while creditors may constitute acreditors committee and or opt to appoint a new insolvencymanager.

BUROHAUS KAISERSWERTHER: Last Day for Filing Claims October 19--------------------------------------------------------------The district court of Dusseldorf opened bankruptcy proceedingsagainst Burohaus Kaiserswerther Strasse GmbH on September 7.Consequently, all pending proceedings against the company havebeen automatically stayed. Creditors have until October 19,2004 to register their claims with court-appointed provisionaladministrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attendthe meeting on November 9, 2004, 9:40 a.m. at the district courtof Dusseldorf at which time the administrator will present hisfirst report of the insolvency proceedings. The court will alsoverify the claims set out in the administrator's report duringthis meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.

Creditors and other interested parties are encouraged to attendthe meeting on November 16, 2004, 11:00 a.m. at the districtcourt of Hannover at which time the administrator will presenthis first report of the insolvency proceedings. The court willalso verify the claims set out in the administrator's reportduring this meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.

ELEKTRO-SERVICE: Court Brings in Provisional Administrator----------------------------------------------------------The district court of Eutin opened bankruptcy proceedingsagainst Elektro-Service-Meyenborg Gesellschaft on September 1.Consequently, all pending proceedings against the company havebeen automatically stayed. Creditors have until October 20,2004 to register their claims with court-appointed provisionaladministrator Dr. Peer Moller.

Creditors and other interested parties are encouraged to attendthe meeting on November 12, 2004, 10:15 a.m. at the districtcourt of Eutin at which time the administrator will present hisfirst report of the insolvency proceedings. The court will alsoverify the claims set out in the administrator's report duringthis meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.

EUROFORMS GMBH: Provisional Administrator Takes over Helm---------------------------------------------------------The district court of Gifhorn opened bankruptcy proceedingsagainst Euroforms GmbH on August 27. Consequently, all pendingproceedings against the company have been automatically stayed.Creditors have until October 18, 2004 to register their claimswith court-appointed provisional administrator Dr. MartinModeregger.

Creditors and other interested parties are encouraged to attendthe meeting on November 8, 2004, 10:00 a.m. at the districtcourt of Gifhorn at which time the administrator will presenthis first report of the insolvency proceedings. The court willalso verify the claims set out in the administrator's reportduring this meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.

GRUNDIG INTERMEDIA: Ex-managers Named in Several Lawsuits---------------------------------------------------------Former managers of insolvent consumer electronics group GrundigIntermedia face several lawsuits, according to SuddeutscheZeitung. All of these cases relate to the firm's bankruptcy andpurportedly seek damages from former executives.

A court in Vienna began hearing the case pending in thatjurisdiction on Wednesday. Further hearings have been scheduleto determine in particular whether the auditor's certificate forthe 2002 financial year at Grundig Austria was correct andwhether the company's insolvency, which occurred in the springof 2003, could have been foreseen.

Four other cases are pending in various jurisdictions andinvolve Anton Kathrein, former chairman of the supervisory boardand owner of Grundig; Werner Saalfrank, a former member of themanagement board; Gunter Moissl, the head of finance; andHans-Peter Kohlhammer, the former chairman of the managementboard.

HT-HORST TERASKE: Creditors Have Until October 27 to File Claims----------------------------------------------------------------The district court of Hannover opened bankruptcy proceedingsagainst HT-Horst Teraske Kommunikation & Design WerbeagenturGmbH & Co. KG., on September 1. Consequently, all pendingproceedings against the company have been automatically stayed.Creditors have until October 27, 2004 to register their claimswith court-appointed provisional administrator Jens Wilhelm.

Creditors and other interested parties are encouraged to attendthe meeting on November 24, 2004, 11:00 a.m. at the districtcourt of Hannover at which time the administrator will presenthis first report of the insolvency proceedings. The court willalso verify the claims set out in the administrator's reportduring this meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.

IMEXO IMPORT: Sets First Creditors Meeting November 3----------------------------------------------------- The district court of Hannover opened bankruptcy proceedingsagainst IMEXO Import Export Orient GmbH on August 31.Consequently, all pending proceedings against the company havebeen automatically stayed. Creditors have until October 4, 2004to register their claims with court-appointed provisionaladministrator Manuel Sack.

Creditors and other interested parties are encouraged to attendthe meeting on November 3, 2004, 8:30 a.m. at the district courtof Hannover at which time the administrator will present hisfirst report of the insolvency proceedings. The court will alsoverify the claims set out in the administrator's report duringthis meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.

JENOPTIK GROUP: Integrating Electronics Engineering Activity------------------------------------------------------------M+W Zander's global facility engineering activities for theelectronics industry will be pooled into a separate businessunit. This autumn, the Jenoptik Group will take another measurein the ongoing realignment of its Clean Systems businessdivision, pooling the M+W Zander Group's worldwide facilityengineering activities for the electronics industry into aseparate business unit. This represents another move towards aworldwide efficient service offering for M+W Zander's globallyactive customers. The facility engineering activities for theglobal electronics industry encompass mainly the engineering andconstruction both of chip factories and production facilitiesfor the flat-panel industry.

The business unit will be headquartered in Singapore, which hasalready served as M+W Zander's Southeast Asian base ofoperations for several years. The company's facilityengineering operations for the electronics industry will thus bemanaged from Asia, reflecting the continuous shift of electronicproduction to the region. In April, Jenoptik announced theexpansion of the Asian capacities in line with the futuredevelopment of M+W Zander's international electronics facilityengineering business.

Core Competences Combined

In July, the company combined its technical facility systemactivities into a separate company. By pooling its globalengineering activities for the electronics sector, Jenoptik'sClean Systems business division will now include three largeunits, each reflecting its core competences: a globally activefacility engineering unit based in Singapore, the largest unitof M+W Zander; its technical facility systems unit and itsfacility management unit, both headquartered in Stuttgart.Clean Systems' service offering is rounded off by the smaller,yet strategically important units of life-science facilityengineering, automation, products, and IT.

Jenoptik has already enjoyed the benefits from its policy ofgranting its portfolio companies clearly defined operationalmanagement responsibilities within Photonics, the Group's otherbusiness division.

* * *

The Jenoptik Group recorded increases in sales of 13.2% toEUR752.9 million (1st half 2003: EUR665.3 million). The GroupEBIT came to -EUR8.4 million, a rise, however, of EUR4.8 millionfrom the previous first half (1st half 2003: -EUR13.2 million).This figure, moreover, included planned restructuring costs forthe Clean Systems business division, of which EUR9.0 millionwere social plan costs. Without these costs, the Jenoptikoperative result for the first half would have returned topositive figures.

In addition to restructuring costs, the Group result for theperiod was weighed down by EUR12.3 million in interest expense(1st half 2003: EUR7.3 million) due to the bond issued in autumn2003, and a EUR2.4 million-increase in tax burden from theprevious year. The Group result for the period, at -EUR19.3million, therefore reflected only a slight improvement from thefirst half of 2003 (-EUR20.1 million).

Creditors and other interested parties are encouraged to attendthe meeting on November 19, 2004, 10:00 a.m. at the districtcourt of Eutin at which time the administrator will present hisfirst report of the insolvency proceedings. The court will alsoverify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.

TERRAVETRO GMBH: Provisional Administrator Takes over Management----------------------------------------------------------------The district court of Augsburg opened bankruptcy proceedingsagainst TERRAVETRO GmbH on August 27. Consequently, all pendingproceedings against the company have been automatically stayed.Creditors have until October 4, 2004 to register their claimswith court-appointed provisional administrator Dr. JobstWiesner.

Creditors and other interested parties are encouraged to attendthe meeting on October 19, 2004, 9:15 a.m. at Justizgebaude,Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg at whichtime the administrator will present his first report of theinsolvency proceedings. The court will also verify the claimsset out in the administrator's report during this meeting, whilecreditors may constitute a creditors committee and or opt toappoint a new insolvency manager.

ALITALIA SPA: E.U. Leans Toward Approval of Rehabilitation Plan---------------------------------------------------------------The European Commission will approve Alitalia's four-yearbusiness plan provided it will not receive further state aidfrom the Italian government, International Herald Tribune says.

Transport Commissioner Loyola de Palacio said she was verysatisfied with Alitalia's business plan. The commissioner addedthe recent job-cut deal between the carrier's management andworkers "bode[s] well for the future."

The commission has yet to review Alitalia's full business plan.According to Amador Sanchez Rico, spokesman of the transportcommissioner, the plan could be blocked if it includes furtherstate aid, aside from the approved EUR400 millionstate-guaranteed loan.

Mr. Sanchez Rico added, "We hope there is no element of stateaid in the plan. If there is, then the commission will have tostop it."

The business plan entails reducing the workforce and separatethe company's flying division from ground operations to form twodifferent business units. Unions have only agreed with the jobcuts but disapproved of the split. Unions argue the split wouldresult to further job losses. Alitalia, in which the Italiangovernment owns a 62% stake, is mulling to sell the groundoperations to Fintecna, a state financial holding company.According to International Herald Tribune, the commission "mightfind this illegal state involvement in the rescue."

Once the commission approves the plan, Alitalia will gain accessto a EUR400 million loan to prop up its finances and pay itsemployees next month. In 2005, Alitalia hopes to finance itsrecovery through fresh cash injections of around EUR1 billion toEUR1.5 billion from private investors.

The national president of the association, Mara Colla, said thegroup will pursue lawsuits against group founder Calisto Tanzi,and Bank of America, among others, Agenzia Giornalistica Italiareports. She is inviting shareholders to register theirrepresentatives to the association by September 29.

"We want to mobilize all the investors who were swindled to givethem a hope of reimbursement from the moral damaged done," shesaid. A preliminary hearing is set for October 5 at theTribunale di Milano.

Shareholders are accusing Mr. Tanzi of market rigging. He wasgranted house arrest in April together with former ChiefFinancial Officer Fausto Tonna, and another finance executive,Luciano Del Soldato.

ROYAL SHELL: Enhancing Productivity at Athabasca Oil Project------------------------------------------------------------ Shell Canada Limited outlined growth plans for the Athabasca OilSands Project (AOSP) that would increase bitumen production tobetween 270,000 and 290,000 barrels per day by 2010.

During the first year of operations for the AOSP, the focus wason improving reliability and ramping-up bitumen production tothe design rate of 155,000 barrels per day.

Over the next three years, a number of de-bottlenecking projectsare proposed at the Muskeg River Mine and Scotford Upgrader toincrease the bitumen production rate to between 180,000 and200,000 barrels per day. Modifications are also proposed at theupgrader to enable the processing of the heaviest product streaminto lighter, higher value crude blend components.

Over the 2006 to 2010 period, planned expansions of the MuskegRiver Mine and Scotford Upgrader are expected to furtherincrease bitumen throughputs by approximately 90,000 barrels perday, taking total expected AOSP production to between 270,000and 290,000 barrels per day. Expansion of the Muskeg River Minewould include mining plans and additional mining equipment torecover resources from additional areas located on Lease 13 andfrom Lease 90, and an additional train for bitumen extractionand froth treatment processing. Expansion of the ScotfordUpgrader would include the addition of a third hydro-conversionunit and associated utilities. The preliminary capital costestimate for these expansion projects is in the range of US$4.0billion.

"The successful ramp-up of the Athabasca Oil Sands Project isnow behind us. While we need to continue working hard onincreasing reliability and reducing costs -- we're now ready totake the next steps towards our long-term growth target of over500,000 barrels per day," said Neil Camarta, Shell Canada'sSenior Vice President of Oil Sands.

It is expected that construction of the Muskeg River Mine andScotford Upgrader expansions would take place over the 2006 to2009 timeframe and that full bitumen production would beachieved in 2010. Peak construction workforces are expected tobe 2500 at the mine and 4000 at the upgrader. Actual timing forthese projects will depend on the outcome of the regulatoryprocess, market conditions, final project costs and approvalsand sustainable development considerations.

Draft terms of reference for related Environmental ImpactAssessments for the Muskeg River Mine and Scotford Upgraderexpansions will be available for public inspection and commentin October 2004. It is expected that applications for theseprojects will be filed with regulatory authorities in 2005 andapprovals are anticipated in 2006.

Pipeline and infrastructure capacity would need to be increasedto handle increased production volumes from the expansionprojects and discussions with third-party owners of relatedfacilities are ongoing.

Additional growth projects could follow over the longer term,including the mining of oil sands resources on the eastern partof Lease 13 and Leases 88/89 and on the recently acquired Leases9 and 17 to increase total bitumen production to over 500,000barrels per day. Planning is currently focused on ways tointegrate the development of resources on the east side of Lease13 (the Jackpine Mine development) with operations at the MuskegRiver Mine. Upgrading options to process this additionalbitumen production are also currently under review.

The AOSP consists of the Muskeg River Mine located north of FortMcMurray, Alberta and the Scotford Upgrader located nearEdmonton and is a joint venture among Shell Canada Limited(60%), Chevron Canada Limited (20%) and Western Oil Sands L.P.(20%). Chevron Canada Limited and Western Oil Sands L.P. havethe option to participate with Shell Canada Limited indeveloping additional oil sands resources in the Athabasca area.

VERSATEL TELECOM: Increases Bond Offering by EUR25 Million----------------------------------------------------------Versatel Telecom International N.V. announces that in connectionwith the offering of EUR100 million in principal amount ofunsubordinated Convertible Bonds due 2011 launched on September17, 2004, JPMorgan, acting as Sole Book runner and Lead Managerin this transaction, has given notice exercising in full theoption to subscribe for additional Bonds in an aggregateprincipal amount of EUR25 million (the Option) to coverover-allotments in connection with the offering.

The exercise of the Option increases the size of the offering toEUR125 million. As announced on September 17, 2004, the Bondswill be issued by Versatel at 100% of their principal amount.The coupon on the Bonds will be 3.875% per annum payableannually in arrear and the initial conversion price will beEUR2.033, a premium of 28% to the 'volume weighted average price' of the shares over the book building period of the ordinaryshares of Versatel as traded on Euronext Amsterdam.Application will be made for the Bonds to be listed on theofficial segment of Euronext Amsterdam's stock exchange.

Versatel Telecom International N.V.

Versatel, based in Amsterdam, is a competitive communicationsnetwork operator and a leading alternative to the formermonopoly telecommunications carriers in its target market of theNetherlands, Belgium and Germany. Founded in October 1995, theCompany holds full telecommunication licenses in TheNetherlands, Belgium and Germany and has over 1 millioncustomers and approximately 1,700 employees. Versatel operatesa facilities-based local access broadband network that uses thelatest network technologies to provide business customers withhigh bandwidth voice, data and Internet services. Versatel is apublicly traded company on Euronext Amsterdam under the symbol"VRSA".

* * *

Versatel's net loss for the quarter ended June 30, 2004 was EUR4million compared with a net loss of EUR12 million in 2Q03 and anet loss of EUR7 million in 1Q04.

Mr. McCarthy wiped the board clean except for its president JanLitwinski. According to him, "This was a necessary change, ashigh costs had to be brought down. There was far too muchunnecessary and unjustified costs. Moreover, a company likeAirpolonia does not need so many management layers and units."

He added the financial situation of the carrier is just "fine."

Airpolonia was rescued by an unnamed investor described only asa shareholder in air carriers across the world in June. It wasthen reported the investor will provide the company with newcapital and additional know-how in the business.

According to the report, CVP does not hold a majority stake inthe venture, but nevertheless it is likely to soon pump at leasta dozen million dollars into the carrier.

* First-half Corporate Bankruptcies Down by a Third---------------------------------------------------The number of bankrupt companies in Poland during the first halfdropped by 30% to 634 compared to year-ago period, WarsawBusiness Journal reports citing Coface Intercredit Company.

Wholesale traders and building companies going bankrupt was 30%less this year, but it still accounted for more than 40% of thetotal number. The significant rise is seen in the number ofcompanies from the recreation, culture and sport sectors, whichdoubled since the first-half of 2003. The number of financialbrokers declaring insolvency increased 120%.

The report said Coface's survey of bankruptcies in Polandbetween 1997 and 2004 showed 2002 as having the most number at1,863.

For 2005, Coface remains optimistic Polish companies willbenefit from improving economic conditions in Poland and incountries where its companies have economic ties.

CHEBUL-AGRO-PROM-KHIMIYA: Applies for Bankruptcy Proceedings------------------------------------------------------------The Arbitration Court of Kemerovo region has declared OJSCChebul-Agro-Prom-Khimiya insolvent and introduced bankruptcyproceedings. The case is docketed as A27-5739/2004-4. Mr. A.Tarasov has been appointed insolvency manager.

SECOND PERM: Perm Court Opens Bankruptcy Proceedings----------------------------------------------------The Arbitration Court of Perm region has declared Second PermState Air Enterprise insolvent and introduced bankruptcyproceedings. The case is docketed as A50-20672/2004-B. Mr. V.Koryakin has been appointed insolvency manager.

Creditors have until October 13, 2004 to submit their proofs ofclaim to 614000, Russia, Perm, Post User Box 5551. A hearingwill take place at the Arbitration Court of Perm region onNovember 30, 2004, 10:00 a.m.

As of 28 September 2004, Yukos will temporarily suspend aportion of its direct exports to China representing about 1million tons until the end of 2004. This suspension is due toYukos' inability to continue pre-financing of exports to ChinaNational Petroleum Corporation. Yukos notified its Chinesepartners last week of the export changes.

Yukos will not reduce current production levels, but willredirect these Chinese export volumes into other crude oilmarketing channels. Yukos hopes to resume exports to ChinaNational Petroleum Corporation as soon as possible.

The new state-owned shipbuilder will be composed of militaryshipyards and strategically important civilian shipyards such asCadiz and Puerto Real. SEPI will also present its plans forcivilian shipyards, which may be clustered into one company toentice the private sector to bring in investments.

Enrique Martinez Robles, chairman of SEPI, said Monday they arecurrently looking for interested parties in the new Izar. Mr.Robles added the union's proposal to group Izar's sixshipbuilders into one company would be perfectly workable aspart of SEPI's plan, which according to him does not includeredundancies or upheavals for Izar workers.

CONVERIUM AG: To Hold Conference Call Today-------------------------------------------Converium will hold a conference call for the investmentcommunity and is pleased to invite you to participate.

This call will be Web cast live on the Internet, via theCompany's Web site, at http://www.converium.com. Please dial in 10 - 15 minutes before and ensure that you have Real MediaPlayer(TM) or Windows Media Player (TM).

ABBEYZONE LIMITED: Appoints Sargent & Company Limited Liquidator----------------------------------------------------------------At an extraordinary general meeting of the members of theAbbeyzone Limited on September 14, 2004 held at the office ofSargent & Company Limited, 36 Clare Road, Halifax HX1 2HX, theextraordinary and ordinary resolutions to wind up the companywere passed. Peter Sargent of Sargent & Company Limited, 36Clare Road, Halifax HX1 2HX has been appointed liquidator of thecompany for the purpose of the voluntary winding-up.

The final general meeting of these companies will be on October29, 2004 commencing at 10:30 a.m. and thereafter at 15-minuteintervals. It will be held at One Bridewell Street, Bristol BS12AA.

The purpose of the meeting is to receive the account showinghow the winding-up has been conducted and the property of thecompanies disposed of, and to hear any explanation that may begiven by the liquidator.

ARTISAN PARTNERS: Names Liquidator from Wilkins Kennedy-------------------------------------------------------At an extraordinary general meeting of the members of theArtisan Partners Limited on September 8, 2004 held at ChapelHouse Hotel, Friars Gate, Market Square, Atherstone,Warwickshire CF9 1EY, the extraordinary and ordinary resolutionsto wind up the company were passed. Keith Aleric Stevens ofWilkins Kennedy, Gladstone House, 77-79 High Street, Egham,Surrey TW20 9HY has been appointed liquidator of the company forthe purpose of the voluntary winding-up.

A. S. DECOR: Director Gets Four-year Ban----------------------------------------A director of a painting contractor business has given anUndertaking not to hold directorships or take any part incompany management for 4 years.

The Undertaking by Tristan Michael Prosser, 24, of Darien Way,Thorpe, Astley, Leicester, Leicestershire, was given in respectof his conduct as a director of A. S. Decor Limited whichcarried out business from premises at Unit 3, Site 4 ColdHeseldon Industrial Estate, Murton, County Durham.

Acceptance of the Undertaking on September 10, 2004 preventsTristan Michael Prosser from being a director of a company or,in any way, whether directly or indirectly, being concerned inor taking part in the promotion, formation or management of acompany for the above period.

The Insolvency Service, on behalf of the Secretary of State forTrade & Industry, has responsibility (under Section (6) of theCompany Directors Disqualification Act 1986) for theinvestigation of the conduct of directors of failed companiesand for the disqualification of those who are considered to beunfit to be involved in the management of companies in thefuture.

The matters of unfit conduct, not disputed by Tristan MichaelProsser solely for the purpose of the undertaking was that hecaused A. S. Decor Limited to fail to deal properly with itstaxation affairs in relation to VAT from August 2000 and inrelation to PAYE/NIC from May 2000, and to operate a policy ofretention of monies due to Crown departments totaling at leastGBP75,335.

ASHLEY CARTER: Members, Creditors Final Meeting October 18----------------------------------------------------------The final meeting of the members and creditors of Ashley CarterDesign Consultants Limited will be on October 18, 2004commencing at 12:00 noon and 12:15 p.m. respectively. It willbe held at the offices of Valentine & Co, 4 Dancastle Court, 14Arcadia Avenue, London N3 2HS.

The purpose of the meeting is to receive the account showinghow the winding-up has been conducted and the property of thecompany disposed of, and to hear any explanation that may begiven by the liquidator. Members of creditors who want to berepresented at the meeting may appoint proxies. Proxy formsmust be lodged with Valentine & Co, 4 Dancastle Court, 14Arcadia Avenue, London N3 2HS not later than 12:00 noon, October15, 2004.

BFC LTD.: Schedules Meeting of Creditors September 28----------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986

and

IN THE MATTER OF BFC Ltd.

Notice is hereby given, pursuant to section 98 of the InsolvencyAct 1986, that a meeting of Creditors of BFC Ltd. will be heldat Express by Holiday Inn M1 Junction 15 Cheaney DriveNorthampton NN4 5FB on September 28, 2004 at 11:00 a.m. for thepurpose of having a full statement of the position of theCompany's affairs, together with a list of the Creditors of theCompany and the estimated amount of their claims, laid beforethem, and for the purpose, if thought fit, of nominating aLiquidator and of appointing a Liquidation Committee. (Sections99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list ofCreditors' names and addresses will be available for inspection,free of charge, at The P&A Partnership, 93 Queen StreetSheffield S1 1WF two business days prior to the meeting.

BOILERHOUSE SUPPLIES: Final Meeting Set October 28--------------------------------------------------The final meeting of the members and creditors of BoilerhouseSupplies Limited will be on October 28, 2004 commencing at 10:30a.m. and 10:45 a.m. respectively. It will be held atTomlinsons, St John's Court, 72 Gartside Street, Manchester M33EL.

The purpose of the meeting is to receive the account showinghow the winding-up has been conducted and the property of thecompany disposed of, and to hear any explanation that may begiven by the liquidator. Members or creditors who want to berepresented at the meeting may appoint proxies. Proxy formsmust be lodged with Tomlinsons, St John's Court, 72 GartsideStreet, Manchester M3 3EL not later than 12:00 noon, October 27,2004.

BRITISH ENERGY: Seeks to Stop EGM Requested by Polygon------------------------------------------------------ British Energy plc on Tuesday applied to the United StatesDistrict Court, Southern District of New York, for an orderagainst Polygon Investment Partners, LLP and its associatesrelating to its Schedule 13D filing in respect of British Energywhich British Energy considers was filed late and defectivebecause it failed to include material information. The effectof this order if granted would be to require Polygon to re-filea Schedule 13D and withdraw its requisition of an ExtraordinaryGeneral Meeting of British Energy, submitted on 3 September, fora period of time to be determined by the Court.

Under U.S. Securities law (which is applicable to British Energyas a company registered with the S.E.C.) any shareholderacquiring an interest in more than 5% of a registered companywith a view to influencing the conduct of that company isobliged to inform the market of that fact under Schedule 13Dwithin 10 days of making such an acquisition. Polygon acquired35,000,000 ordinary shares in British Energy (representing 5.64%of the ordinary share capital outstanding) on 23 July 2004.

Polygon filed a Schedule 13D notice in respect of thisacquisition only on 12 September 2004 more than six weeks afterBritish Energy believes it was required to do so.

The effect of the resolutions to be proposed at the EGMrequisitioned by Polygon would, if they are passed and nothingelse is done, be to prevent British Energy from taking actionwithout which British Energy believes there would be a breach ofthe binding Creditor Restructuring Agreement entered into byBritish Energy.

In the event of a breach of the CRA and its subsequenttermination, the Company would come under an immediateobligation to pay approximately GBP1.5 billion to creditors.The Company has nothing like the available resources to paythese sums. Furthermore the Company may be subject tosignificant claims for damages from creditors for breach ofcontract. In these circumstances, there is a very realpossibility that British Energy would be forced to commenceinsolvency proceedings.

In these highly unusual circumstances British Energy believes itought to take every step available to it to avoid these risksand compel compliance with applicable securities laws; hence thecourt action.

CONTRACT AGENCIES: Members, Creditors Final Meeting October 18--------------------------------------------------------------The final meeting of the members and creditors of ContractAgencies Services Limited will be on October 18, 2004 commencingat 2:00 p.m. and 2:15 p.m. respectively. It will be held at theoffices of Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue,London N3 2HS.

The purpose of the meeting is to receive the account showinghow the winding-up has been conducted and the property of thecompany disposed of, and to hear any explanation that may begiven by the liquidator. Members or creditors who want to berepresented at the meeting may appoint proxies. Proxy formsmust be lodged with Valentine & Co, 4 Dancastle Court, 14Arcadia Avenue, London N3 2HS not later than 12:00 noon, October15, 2004.

CYMRU IT: Calls in Liquidator from Purnells-------------------------------------------At an extraordinary general meeting of the members of the CYMRUIT Ltd. (formerly Redbridge Export Services) on September 9,2004 held at St Marks House, 3 Gold Tops, Newport, South WalesNP20 4PG, the extraordinary resolution to wind up the companywas passed. Ray Purnell of Purnells, St Marks House, 3 GoldTops, Newport, South Wales NP20 4PG has been nominatedliquidator for the purpose of the winding-up.

FASTLINK RECRUITMENT: Seven-year Ban for Top Honcho---------------------------------------------------A director of an employment agency business that failed withtotal debts estimated at around GBP222,000 has given anUndertaking not to hold directorships or take any part incompany management for seven years.

The Undertaking by Behzad Malik, 28, of Beresford Road,Southall, Middlesex, was given in respect of his conduct as adirector of Fastlink Recruitment Services Limited (FRS), whichcarried out business from premises at 32 Sussex Road, Southall,Middlesex, UB2 5EQ.

Acceptance of the Undertaking on September 14, 2004 prevents Mr.Malik from being a director of a company or, in any way, whetherdirectly or indirectly, being concerned or taking part in thepromotion, formation or management of a company for the aboveperiod.

FRS was placed into voluntary liquidation on June 14, 2002 withan estimated total deficiency of GBP222,246 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State forTrade & Industry, has responsibility (under Section 6 of theCompany Directors Disqualification Act 1986) for theinvestigation of the conduct of directors of failed companiesand for the disqualification of those who are considered unfitto be involved in the management of companies in the future.

HAYMES FARM: Creditors May Appoint Liquidator Tuesday----------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986

and

IN THE MATTER OF Haymes Farm Produce Ltd.

Notice is hereby given, pursuant to section 98 of the InsolvencyAct 1986, that a meeting of Creditors of Haymes Farm ProduceLtd. will be held at 1 Georges Square Bristol BS1 6BP onSeptember 28, 2004 at 11:30 a.m. for the purpose of having afull statement of the position of the Company's affairs,together with a list of the Creditors of the Company and theestimated amount of their claims, laid before them, and for thepurpose, if thought fit, of nominating a Liquidator and ofappointing a Liquidation Committee. (Sections 99-101 of the saidAct)

A Form of Proxy, if intended to be used by creditors wishing tovote at the Meeting, must be duly completed and accompanied bytheir statement of claim, and must be lodged at 1 Georges SquareBristol BS1 6BP not later than 12:00 noon on the business daybefore the Meeting.

Notice is also given, for the purpose of voting, that securedCreditors must (unless they surrender their security) lodge at 1Georges Square Bristol BS1 6BP before the Meeting, a statementgiving particulars of their security, the date when it wasgiven, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list ofCreditors' names and addresses will be available for inspection,free of charge, at Baker Tilly, 1 Georges Square Bristol BS1 6BPtwo business days prior to the meeting.

Creditors who want to be represented at the meeting may appointproxies. Proxy forms must be submitted together with writtendebt claims to Smith & Williamson Limited, 1 Bishops Wharf,Walnut Tree Close, Guildford, Surrey GU1 4RA not later than12:00 noon, October 4, 2004.

META RETAIL: Names BDO Stoy Hayward Liquidator----------------------------------------------At a meeting of the Meta Retail Limited on September 16, 2004,the special, ordinary and extraordinary resolutions to wind upthe company were passed. Malcom Cohen and Antony Nygate of BDOStoy Hayward LLP, 8 Baker Street, London W1U 3LL have beenappointed as joint liquidators of the Company for the purpose ofthe winding-up.

NORCAST LIMITED: Names Joint Administrators from McTear Williams----------------------------------------------------------------Andrew McTear and Chris Williams have been appointed jointadministrators for Norcast Limited. The appointment was madeSeptember 10, 2004.

The company is engaged in iron casting. Its registered officeis located at 90 St Faiths Lane, Norwich NR1 1NE.

NORTHUMBRIAN WATER: Hires Baker Tilly as Liquidator---------------------------------------------------At an extraordinary general meeting of the Northumbrian WaterEnvironmental Trust Ltd. on September 3, 2004 held atNorthumbria House, Abbey Road, Pity Me, Durham DH1 5FJ, thespecial resolution to wind up the company was passed. RobertHenry Barker and Alec David Pillmoor of Baker Tilly, 2 WhitehallQuay, Leeds LS1 4HG have been appointed joint liquidators forthe purpose of such winding-up.

PREMIER CASTLE: Insolvency Service Disqualifies Director--------------------------------------------------------A director of a Chinese Restaurant that failed with debts ofmore than GBP261,000 has given an Undertaking not to holddirectorships or take any part in company management for aperiod of four years.

The Undertaking by Pak Luong Ho, 46, of Eden Terrace, Chilton,Ferryhill, was given in respect of his conduct as a director ofPremier Castle Limited which carried on business trading as NewMing Dynasty from premises at 41 Stowell Street,Newcastle-Upon-Tyne, NE1 1YB.

Premier was placed into voluntary liquidation on 20 September2002 with estimated debts of GBP261,000 owed to its creditors.

The acceptance of the Undertaking on September 13, 2004,prevents Pak Luong Ho from being a director of a company or, inany way, whether directly or indirectly, being concerned in ortaking part in the promotion, formation or management of acompany for four years.

The Insolvency Service, on behalf of the Secretary of State forTrade & Industry, has responsibility (under Section (6) of theCompany Directors Disqualification Act 1986) for theinvestigation of the conduct of directors of failed companiesand for the disqualification of those who are considered to beunfit to be involved in the management of companies in thefuture.

Matters of unfit conduct, not disputed by Pak Luong Ho werethat:

(a) He allowed Premier to fail to declare all its takings in its accounts, to the Inland Revenue and to HMCE;

(b) He allowed Premier to enter into a transaction at an undervalue to the detriment of creditors and to the benefit of Teamrespect Limited, a company of which Mr. Lok, a co- director of Premier, was a former director.

PRINT SV2: Hires Tenon Recovery as Administrator------------------------------------------------S R Thomas and T J Binyon have been appointed as jointadministrators for Print SV2 Limited. The appointment was madeSeptember 8, 2004.

The company is engaged in printing. Its registered office isc/o Tenon Recovery, Sherlock House, 73 Baker Street, London W1U6RD.

PROMENADE AUTO: Special Winding up Resolution Passed----------------------------------------------------At an extraordinary general meeting of the members of thePromenade Auto Limited on September 10, 2004 held at 37 DeVerdun Avenue, Belton, Loughborough, Leicestershire LE12 9TY,the special resolution to wind up the company was passed. BrianAndrew Scott of Johnson Tidsall, 81 Burton Road, Derby DE1 1TJhas been appointed liquidator for the purpose of suchwinding-up.

R AND L PRESSINGS: Hires DTE Leonard Curtis Administrator---------------------------------------------------------A Poxon and J M Titley have been appointed as jointadministrators for R and L Pressings Limited. The appointmentwas made September 8, 2004. The company manufactures steelpressings and welded assemblies for the automotive industry.

READYPRIDE LTD: Sets Final General Meeting October 29-----------------------------------------------------The final general meeting of the members of Readypride Ltd. willbe on October 29, 2004 commencing at 10:00 a.m. It will be heldat 1 More London Place, London SE1 2AF.

The purpose of the meeting is to receive the account showinghow the winding-up has been conducted and the property of thecompany disposed of, and to hear any explanation that may begiven by the liquidator. Members who want to be represented atthe meeting may appoint proxies. Proxy forms must be lodgedwith Ernst & Young, 1 More London Place, London SE1 2AF notlater than 4:00 p.m., October 28, 2004.

SPECIALIST OFFICE: Director Served Four-year Disqualification-------------------------------------------------------------A director of a computer retail business that failed with totaldebts estimated at around GBP158,000 has given an Undertakingnot to hold directorships or take any part in company managementfor four years.

The Undertaking by David Reginald Brayshaw, 32, of GoldhawkRoad, Hammersmith, London, was given in respect of his conductas a director of Specialist Office Solutions Limited (SOS),which carried out business from his home address.

Acceptance of the Undertaking on September 15, 2004 prevents Mr.Brayshaw from being a director of a company or, in any way,whether directly or indirectly, being concerned or taking partin the promotion, formation or management of a company for theabove period.

SOS was placed into voluntary liquidation on September 26, 2002with estimated debts of GBP158,755 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State forTrade & Industry, has responsibility (under Section (6) of theCompany Directors Disqualification Act 1986) for theinvestigation of the conduct of directors of failed companiesand for the disqualification of those who are considered unfitto be involved in the management of companies in the future.

The matter of unfit conduct, not disputed by Mr. Brayshaw, wasthat between October 1, 2001 and September 26, 2002 he failed toensure that SOS maintained and/or preserved adequate accountingrecords or alternatively he failed to deliver them up to theLiquidator.

SVEDALA BARMAC: Final General Meeting Set October 29----------------------------------------------------Name of Companies:Svedala Barmac U.K. LimitedWeda Pump (U.K.) Limited

The final general meeting of these companies will be on October29, 2004 commencing at 1:00 p.m. and 1:15 p.m. respectively. Itwill be held at One Bridewell Street, Bristol BS1 2AA.

The purpose of the meeting is to receive the account showinghow the winding-up has been conducted and the property of thecompany disposed of, and to hear any explanation that may begiven by the liquidator.

TECHTRONICS (EUROPEAN): Names PKF Administrator-----------------------------------------------Brian J Hamblin and Ian J Gould have been appointed as jointadministrators for Techtronics (European) Limited. Theappointment was made September 13, 2004. The companydistributes home entertainment.

THE LD GROUP: Names Joint Administrators from KPMG--------------------------------------------------Julian Richard Whale and Francis Graham Newton have beenappointed as joint administrators for holding company The LDGroup Plc. The appointment was made September 14, 2004.

Creditors who want to be represented at the meting may appointproxies. Proxy forms must be submitted together with writtendebt claims to Baker Tilly, Garrick House, 76-80 High Street,Old Fletton, Peterborough PE2 8ST not later than 12:00 noon,September 29, 2004.

TRAVELSCENE SERVICES: Creditors Meeting Set September 27-------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986

and

IN THE MATTER OF Travelscene Services Ltd.

Notice is hereby given, pursuant to section 98 of the InsolvencyAct 1986, that a meeting of Creditors of Travelscene ServicesLtd. will be held at Hendon Hall Ashley Lane London NW4 1HF onSeptember 27, 2004 at 10:15 a.m. for the purpose of having afull statement of the position of the Company's affairs,together with a list of the Creditors of the Company and theestimated amount of their claims, laid before them, and for thepurpose, if thought fit, of nominating a Liquidator and ofappointing a Liquidation Committee. (Sections 99-101 of the saidAct)

In accordance with section 98 (2) Insolvency Act 1986, a list ofCreditors' names and addresses will be available for inspection,free of charge, at SPW Poppleton & Appleby, Gable House 239Regents Park Road London N3 3LF two business days prior to themeeting.

TRENPORT INVESTMENTS: Appoints Deloitte & Touche Liquidator-----------------------------------------------------------At a meeting of the Trenport Investments Partner Limited, thespecial and ordinary resolutions to wind up the company werepassed. J R D Smith and N J Dargan of 66 Shoe Lane, London EC4A3WA have been appointed joint liquidators of the company.

UNIVERSAL EASTERN: Calls in Liquidator from Grant Thornton----------------------------------------------------------At a meeting of the Universal Eastern Europe Limited onSeptember 7, 2004, the special resolution to wind up the companywas passed. Roy Welsby of Grant Thornton UK LLP, 1 WestminsterWay, Oxford OX2 0PZ has been appointed liquidator of the companyfor the purpose of the voluntary winding-up.

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